ARTICLE: A Retreat From Global Banking, By FLOYD NORRIS, New York Times, July 23, 2009

You might assume I see this trend as bad, but I am ambivalent, given the poor apparent global climate for new rules. It's not necessarily good for banks to aspire to be global entities at this point in globalization's evolution. I can easily categorize it as economic connectivity getting frighteningly ahead of political will.

In short, not all instincts to go slow are wrong, meaning counterproductive to globalization's advance. Sequencing is everything. And we rarely know which sequencing is best.